Ernst & Young axes 200 jobs.
Global slowdown hits Big Five firm as it slashes staff numbers.
Fears were raised this week that there may be more job cuts at Ernst & Young, following its decision to axe 200 staff in the UK.
Accountancy Age has learned staff at the firm were surprised the figure was not higher. A figure of 10%, or some 700 personnel had been mooted.
And an E&Y spokesperson could not rule out further cuts: ‘In the current economic climate it is impossible to predict whether we will need to take any further action.’
The Big Five firm said it needed to bring its workforce into line with its growth expectancy for the next 12 months. The spokesperson said: ‘We have no plans to reduce the firm’s headcount by 10%. The 200 job losses announced last week, are based upon our current and projected view of the business.’
The firm is said to be reviewing its graduate intake for next year, but said it would ‘remain cognisant of the longer term view we take of graduate recruitment’.
More on the job cuts at www.accountancy age.com/Career/1125407.